A Billion-Dollar Bargain: Indonesian Tycoons Bet Big on a Slashing Discount

JAKARTA, Investortrust.id — PT Singaraja Putra Tbk (SINI), an Indonesian infrastructure and energy services company, is launching a massive rights issue aimed at raising Rp 3.60 trillion (approximately $220.2 million). Happy Hapsoro, the company's ultimate beneficial owner and a prominent Indonesian businessman, is set to execute his rights while positioning his corporate network to anchor the capital raise as a standby buyer.

The Jakarta-listed company announced in an official filing on Tuesday, June 2, 2026, that it will issue 721.5 million new shares at an execution price of Rp 5,000 ($0.31) per share. This execution price represents a staggering 58% discount to SINI's previous market closing price of Rp 12,000 ($0.73) per share, signaling an aggressive push to guarantee full subscription.

Underpinning this capital raise is a broader consolidation trend within Indonesia’s high-stakes energy and infrastructure sectors. By pricing the rights issue significantly below market value, the company's key backers are forcing a recapitalization that tests the appetite of minority shareholders while allowing major tycoons to lock in larger positions on the cheap. This corporate maneuvering highlights how Indonesia's most influential business dynasties continue to reshape the resource-rich nation’s corporate landscape through rapid equity restructuring.

Controlling Shareholders Lock In Pledges

The company’s controlling shareholders have formally committed to executing a portion of their preemptive rights, amounting to at least Rp 900 billion ($55 million).

According to commitment letters dated June 2, 2026, the controlling consortium consisting of PT Autum Prima Indonesia (API), Batubara Development Pte. Ltd. (BBD), and Mr. Hapsoro himself will lead the inside subscription. Currently, API holds a 30.00% stake (144.3 million shares), BBD owns 15.49% (78.03 million shares), and Mr. Hapsoro directly controls 9.00% (43.29 million shares).

Together, this core trio has pledged to absorb at least 180 million of the newly issued rights, effectively guaranteeing that nearly a quarter of the total offering is funded internally from day one.

Enter the Pangestu Empire

The deal took an institutional turn with the entry of PT Petrosea Tbk (PTRO), a mining and engineering contractor controlled by Prajogo Pangestu, one of Southeast Asia's wealthiest men.

PT Kreasi Jasa Persada (KJP), which holds a 19.74% stake in SINI, announced on June 2, 2026, that it will transfer its entire allotment of 142.41 million rights to Petrosea. The transaction is valued at Rp 712.05 billion ($43.5 million).

Simultaneously, Petrosea confirmed it will execute its own minor internal allocation alongside the massive block transferred from KJP, bringing its total potential subscription to 144.228 million shares. Prior to this offering, Petrosea held a nominal 0.252% sliver of SINI.

Beyond just buying its allocated shares, Petrosea has agreed to act as the standby buyer for any remaining unexercised rights up to an additional value of Rp 580.9 billion ($35.5 million). This backstop agreement positions Mr. Pangestu’s vehicle to aggressively sweep up any shares left on the table by retail investors, potentially turning Petrosea into one of SINI's dominant stakeholders post-restructuring.